Chicago Community Land Trust for Buyers
CCLT Ownership Benefits
Even in today’s uncertain market, homeownership is still a good long term investment for individuals and families, who want to control their housing situation, stabilize their costs and put down roots in a community. The Chicago Community Land Trust (CCLT) provides working individuals and families with opportunities to purchase homes of their own at prices they can afford.
The CCLT is a partner in the ownership process, giving homeowners access to many of the benefits of traditional ownership, along with a network of support to help ensure their ongoing success. This long-term security and stability cannot be found in rental housing or even in market rate homeownership.
CCLT homeowner support includes:
- Pre-purchase homebuyer counseling and educational materials specific to the CCLT.
- Homebuyer Fact Sheet
- A pool of mortgage lenders educated about the CCLT and willing to provide mortgages to qualified homebuyers.
- A pool of attorneys trained on the CCLT and the City/CCLT closing process.
- Pre and post-purchase workshops, resources and referrals to assist with common first-time homeowner questions.
- Assistance in filing and monitoring applications for reduced property taxes.
- Resale assistance.
- Default / foreclosure prevention assistance.
How CCLT Homeownership Works
CCLT homeownership is designed to preserve the long-term affordability of its homes, while providing its homeowners with a return on their investment. Unlike renting, CCLT ownership provides an opportunity to begin building equity.
- The CCLT works in combination with the City’s affordable homeownership programs. The City provides land and / or subsidies to make affordable homes available for purchase by income-qualified working individuals and families. See the Homes for Sale list of available units, including links to City program requirements.
- Through the Cook County Assessor’s Office, property taxes are assessed on the home’s affordable price, instead of on the market value.
In exchange for the subsidies and reduced property taxes:
- Buyers sign a long-term affordability agreement agreeing to resell the home to another income-qualified buyer at an affordable price.
- The affordable resale price is designed to give the owner a return on his/her investment, but limits that return in order to keep the home affordable to the next family.
- The original subsidies stay with the home to help maintain affordability.
To learn more about CCLT homeownership, including an overview of the long-term affordability agreement and how the resale formula is calculated, sign up for a CCLT “Purchase an Affordable Home in Chicago” workshop.
Workshops are available to people who have already completed general first-time homebuyer counseling through one of the City's delegate counseling agencies and are interested in purchasing affordable and Chicago Community Land Trust (CCLT) homes.